Medical Money Matters with Jill Arena

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In this episode, we're diving into a critical aspect of healthcare that affects both providers and patients alike – the patient experience. While medical expertise is undeniably crucial, the way patients are treated and how their time is valued can leave a lasting impression. So, in this episode, we’ll explore practical strategies and insights into enhancing these aspects of patient care. Let's dive in!

It's easy to fall into the trap of thinking, “We’re providing great quality care, isn’t that enough? Why should I worry any further about the patients’ experience?” As healthcare is fast becoming a commodity, patient loyalty can be made or broken with a focus on how they experience all aspects of their care. If patient experience is a focus for you and your leadership team, it can be the differentiator that propels you to success, and if ignored, it can be the death knell for your practice. With social media and feedback at the speed of a tweet, word travels quickly. Let’s make the word about your practice positive!

In our conversation today, we'll explore how high touch, excellent service, respecting the patient's time, and the use of technology play pivotal roles in shaping patient experiences. These elements, when effectively integrated, can transform the healthcare journey, making it more humane, efficient, and satisfying for patients.
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Visit Jill’s company, Health e Practices’ website: https://healtheps.com/
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Want more content? Find sample job descriptions, financial tools, templates and much more: www.MedicalMoneyMattersPodcast.com

Purchase your copy of Jill’s book here: Physician Heal Thy Financial Self
Join our Medical Money Matters Facebook Group here: https://www.facebook.com/groups/3834886643404507/
Original Musical Score by: Craig Addy at https://www.underthepiano.ca/ Visit Craig’s website to book your Once in a Lifetime music experience
Podcast coaching and development by: Jennifer Furlong, CEO, Communication Twenty-Four Seven https://www.communicationtwentyfourseven.com/

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How do you ensure that your practice not only survives but thrives, long after you've stepped back? It's about creating a legacy, something that stands the test of time and continues to impact the community positively.

So, why is succession planning so important in a medical practice? It's about continuity and legacy. Without a clear plan, your practice could face uncertainty or decline after you retire. Succession planning ensures that the quality of care and the business health of the practice are maintained. It’s not just about who will take over, but also about preserving the values and quality of care that have been the hallmark of your practice.

The first step is selecting an heir apparent or two or three. What should physicians look for in a potential successor? It's crucial to look beyond clinical expertise. The ideal successor should have what we call "business owner DNA." This includes leadership skills, a deep understanding of the healthcare industry, and a strong business acumen.

It’s also about finding someone who aligns with the practice's vision and values. They need to be someone who can not only maintain but also build upon the legacy that you’ve created over many years.
Please Follow or Subscribe to get new episodes delivered to you as soon as they drop!
Visit Jill’s company, Health e Practices’ website: https://healtheps.com/
Subscribe to our newsletter, Health e Connections: http://21978609.hs-sites.com/newletter-subscriber
Want more content? Find sample job descriptions, financial tools, templates and much more: www.MedicalMoneyMattersPodcast.com

Purchase your copy of Jill’s book here: Physician Heal Thy Financial Self
Join our Medical Money Matters Facebook Group here: https://www.facebook.com/groups/3834886643404507/
Original Musical Score by: Craig Addy at https://www.underthepiano.ca/ Visit Craig’s website to book your Once in a Lifetime music experience
Podcast coaching and development by: Jennifer Furlong, CEO, Communication Twenty-Four Seven https://www.communicationtwentyfourseven.com/

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In thinking about our Revenue Cycle as a whole, it truly begins at the front desk. When your new patient calls for the first time, and the new patient registration process begins, you are setting yourself up for success or failure, depending on how you’ve set up your front desk.

How well have you trained your front office on proper data collection? Do they understand how crucial their work is, and do they feel appreciated for doing a good job?

Your front desk is the face of the clinic, they are your ambassadors, if you will. They are in charge of first impressions, in many cases, both on the phone and when the patient arrives at the clinic in person. And, it’s a tough job – many times they’re expected to answer the phones as well, which can easily put a person into overload. And then we depend on them to do a great deal of data entry with hyper accuracy for that clean claim. On top of all of this, they get to deal with unappreciative or rude patients, and we have a tendency to make this an entry level job, with very little training.

No wonder our clean claims rates aren’t a lot higher. This is not a recipe for success.

If you're now finding yourself feeling a little sheepish about the fact that your front desk matches that description, don't despair. Most clinics do. Join me for this episode, where we'll talk all about how to set your front office up for success.
Please Follow or Subscribe to get new episodes delivered to you as soon as they drop!
Visit Jill’s company, Health e Practices’ website: https://healtheps.com/
Subscribe to our newsletter, Health e Connections: http://21978609.hs-sites.com/newletter-subscriber
Want more content? Find sample job descriptions, financial tools, templates and much more: www.MedicalMoneyMattersPodcast.com

Purchase your copy of Jill’s book here: Physician Heal Thy Financial Self
Join our Medical Money Matters Facebook Group here: https://www.facebook.com/groups/3834886643404507/
Original Musical Score by: Craig Addy at https://www.underthepiano.ca/ Visit Craig’s website to book your Once in a Lifetime music experience
Podcast coaching and development by: Jennifer Furlong, CEO, Communication Twenty-Four Seven https://www.communicationtwentyfourseven.com/

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There are many things that help to improve retention and one of them is money. I’ve seen many groups who have bonuses, but while all are well intended, many are set up in a way that are difficult to administer, or even counterproductive.
I encourage our clients to set up performance-based incentive compensation programs so that they are paying their teams additional compensation that is completely based on how well the team performs. There is nothing subjective about it – it’s all easily measurable, and this is key. Join me for our newest episode of the Medical Money Matters podcast as we discuss how to easily design effective incentive compensation systems that will leave you happy to pay bonuses to highly performing staff!
Please Follow or Subscribe to get new episodes delivered to you as soon as they drop!
Visit Jill’s company, Health e Practices’ website: https://healtheps.com/
Subscribe to our newsletter, Health e Connections: http://21978609.hs-sites.com/newletter-subscriber
Want more content? Find sample job descriptions, financial tools, templates and much more: www.MedicalMoneyMattersPodcast.com

Purchase your copy of Jill’s book here: Physician Heal Thy Financial Self
Join our Medical Money Matters Facebook Group here: https://www.facebook.com/groups/3834886643404507/
Original Musical Score by: Craig Addy at https://www.underthepiano.ca/ Visit Craig’s website to book your Once in a Lifetime music experience
Podcast coaching and development by: Jennifer Furlong, CEO, Communication Twenty-Four Seven https://www.communicationtwentyfourseven.com/

Send us a text

Today, we're diving into a topic that might be affecting your practice more than you realize: Is Your Office Manager Living the Peter Principle? Now, you might be wondering—what is the Peter Principle? And how could it apply to my medical practice? Let’s break it down.

The Peter Principle is a concept first described by Dr. Laurence J. Peter in his 1969 book, The Peter Principle: Why Things Always Go Wrong. It states that employees in a hierarchy tend to rise to their "level of incompetence." In other words, they get promoted based on their performance in their current role until they reach a position where they’re no longer effective.

In the context of a medical practice, this principle can have significant repercussions. Picture your Office Manager, someone who has been with your practice for years. They’ve handled scheduling, billing, and HR—wearing multiple hats as your practice grew from just a couple of physicians to a bustling team. But as the demands increased, their skill set may not have evolved as quickly. Suddenly, they’re managing tasks beyond their capabilities, struggling with strategic planning, advanced budgeting, or navigating complex regulations. That's the Peter Principle at play.
Please Follow or Subscribe to get new episodes delivered to you as soon as they drop!
Visit Jill’s company, Health e Practices’ website: https://healtheps.com/
Subscribe to our newsletter, Health e Connections: http://21978609.hs-sites.com/newletter-subscriber
Want more content? Find sample job descriptions, financial tools, templates and much more: www.MedicalMoneyMattersPodcast.com

Purchase your copy of Jill’s book here: Physician Heal Thy Financial Self
Join our Medical Money Matters Facebook Group here: https://www.facebook.com/groups/3834886643404507/
Original Musical Score by: Craig Addy at https://www.underthepiano.ca/ Visit Craig’s website to book your Once in a Lifetime music experience
Podcast coaching and development by: Jennifer Furlong, CEO, Communication Twenty-Four Seven https://www.communicationtwentyfourseven.com/